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Business News of Monday, 19 November 2012

Source: B&FT

StanChart hosts tax forum

Standard Chartered is organising a tax forum aimed at helping to provide a more favourable working environment for tax authorities, administrators and practitioners across the country’s financial sector.

The one-day forum, which is being organised in partnership with the Ghana Revenue Authority (GRA), is in line with the Bank’s continuous efforts to create the appropriate opportunity for stakeholders to upgrade their working knowledge on the new accounting regime -- the International Financial Reporting Standards (IFRS) and associated matters.

The forum is also aimed at recognising critical developments in Ghana and discussing relevant tax implications linked to the adoption of IFRS by Banks in Ghana, with particular emphasis on the issues that impact financial institutions.

Commenting on the forum, Sanjay Rughani, Executive Director, Finance, Standard Chartered Bank, said: “At Standard Chartered, our brand promise ‘Here for good’ enjoins us to deliver and engender greater value to our stakeholders.

“By partnering with tax experts across the country, we hope to address some of the pertinent issues arising from the adoption of IFRS in Ghana. This should help forge closer understanding and collaboration between the financial sector and the tax regulatory authorities, with Ghana as the ultimate beneficiary. This is what we mean by being ‘Here for good’.”

Standard Chartered has been in existence in Ghana for about 116 years, and is currently the highest priced stock on the exchange. Its economic contribution to the country has been the result of significant support in key sectors such as trade, energy and SMEs.

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